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Trump’s first year in office marked by controversy, protests

WASHINGTON ( ) – Less than 24 hours after Donald Trump took office, his presidency started generating controversy.

Photographs showing that the crowd at Trump’s swearing-in was smaller than at Barack Obama’s first presidential inauguration in 2009 caused the first ruckus in his administration – but not the last.

Trump’s first year in office was colored by an investigation into whether his campaign colluded with the Russian government to affect the election outcome, insults and threats of war with North Korea, and an effort to pass business-friendly legislation.

From the start, the White House took a combative approach, accusing the media of framing photographs of the inauguration in a way that appeared to understate the crowd size.

Press Secretary Sean Spicer argued that the images were not what they seemed and that crowds of historic size watched Trump take the oath of office.

Protests would becom,上海夜网官方网站Jacklyn,e a hallmark of Trump’s first year. On Jan. 21, the day after the inauguration, hundreds of thousands of women jammed the streets of Washington to demonstrate opposition to Trump.

A week after taking office, the Republican president signed an executive order to prevent citizens of seven predominately-Muslim countries from traveling to the United States. Known by critics as the “Muslim ban,” protesters quickly demonstrated at airports in opposition.

Trump would ignite protests again in August, when he was asked to respond to white nationalists marching in Charlottesville, Virginia, including one who drove his car into a crowd of counter-protesters, killing a woman. The president argued there were bad people “on both sides.”

Following his remarks, business leaders resigned from Trump’s business councils and the panels were disbanded.

A defining feature of Trump’s first year in office was the investigation into whether his campaign colluded with Russia during the election.

Trump ignited a political firestorm in May when he fired Federal Bureau of Investigation Director James Comey, who had been leading an investigation into possible collusion by the Trump 2016 presidential campaign with Russia to influence the election outcome. Russia has denied meddling in the election and Trump has denied any collusion.

Soon afterward, the Justice Department named former FBI chief Robert Mueller as special counsel to lead the investigation.

Paul Manafort, who had briefly served as Trump’s campaign manager, and his business associate Rick Gates were indicted by Mueller’s team in October, accused of illegally lob上海夜生活论坛bying on behalf of foreign governments.

A month later, Michael Flynn, who briefly served under Trump as U.S. national security adviser, pleaded guilty to lying to the FBI about his conversations last December with Russia’s then-ambassador in Washington just weeks before Trump took office.

Trump has also found himself embroiled in a war of words with North Korea over its missile program, exchanging insults and threats with North Korean leader Kim Jong Un.

At home, Trump has struggled to enact sweeping changes he promised on the campaign trail.

He threatened to withdraw the United States from the North American Free Trade Agreement (NAFTA), but business lobbyists persuaded him to renegotiate it. Trump signed an ,上海夜网推油Jacob,executive order setting up talks on the trilateral trade deal, which has hit roadblocks with Mexico and Canada.

Trump’s team also failed to repeal the Affordable Care Act, known as Obamacare despite Republican control of the White House and Congress.

I,上海夜生活群Gabriella,t was not until December that Trump made headway on major legislative change as both chambers of Congress passed a sweeping tax overhaul.

The bill must be reconciled with a different version approved by the House of Representatives, but the Senate bill is expected to remain largely intact.

(Click on reut.rs/2Asabau to see a related photo essay)

Bill could make Congress members liable for harassment payouts

WASHINGTON ( ) – Lawmakers of both parties are working on legislation that would make members of Congress liable for settlements of sexual harassment claims against them, as new data shows public funds have been used to settle nearly a dozen cases of misconduct over the last decade.

From 2008 through 2012, the employment office for Congress paid more than $166,000 in public money to settle eight claims against lawmakers alleging sexual harassment or discrimination, according to data it provided on Tuesday to Representative Gregg Harper, the Republican chairman of the House Administration Committee who is drafting a bill to overhaul how Congress handles sexual ,上海新夜网龙凤Jace,harassment.

The Office of Compliance previously said it has resolved three other cases since 2013.

Provisions in settlement agreements and other legal limits block the office fro上海夜生活网m disclosing details of the payouts it has made on behalf of lawmakers, including identities of those involved, an issue that has come to light as allegations of misconduct swirl around Capitol Hill.

A growing wave of women reporting abuse or misconduct has ,上海夜网推油Sabia,brought down powerful men recently, from movie producer Harvey Weinstein to popular television personality Matt Lauer, as well as one of the longest-serving Democrats in Congress, former Representative John Conyers.

Harper said on Tuesday he hopes to file a bipartisan bill by Wednesday evening overhauling how Congress handles sexual harassment that would include making lawmakers personally liable for settlements.

“They should have to reimburse” the government for payouts, he told reporters. “There’s no doubt that members have made it clear that taxpayer dollars should not be used for the purposes of settling a sexual harassment claim.”

Harper expects swift action, with the House voting on the bill next month. Democratic Representative Jackie Speier, who has proposed similar legislation and has been working with Harper and other Republicans, said she was “thrilled” about the bill.

Bipartisan legislation on sexual harassment was introduced in the Senate last week.

In a letter to Harper the compliance office’s executive director said it had paid $354,465.85 to settle 16 total claims of employment discrimination, retaliation and harassment from fiscal 2008 through fiscal 2012.

According to the letter, eight claims included sexual harassment or discrimination, and often involved other violations such as breaking federal wage rules. Two claims were simply categorized as “retaliation” while the rest were focused on racial, age or disability discrimination.

The largest amount paid over those years was $85,000, labeled as “s,上海夜网邀请码Gabrielle,exual harassment and harassment because of retaliation.”

The office does not have investigatory authority and cannot probe allegations, said Executive Director Susan Tsui Grundmann in the letter.

Settlements typically have nondisclosure provisions, she said, adding the office has not found an admission of liability in any of the settlement documents.

EnBW open to partnerships in U.S. offshore wind expansion

BERLIN ( ) – German utility EnBW (EBKG.DE) could seek more partners in its planned push into the burgeoning U.S. offshore wind sector, its chief executive said.

EnBW has already formed a joint venture with project developer Trident Winds to cater to the U.S. west coast but is so far working alone on the booming east coast, where it set up a subsidiary in the fourth quarter of 2018.

“We’re open to partnerships also in the offshore business,” Frank Mastiaux told at the annual Handelsblatt energy conference in Berlin.

“At the moment, it is very difficult to develop new offshore wind parks in our home market Germany as well as in the remaining parts of Europe. We want to continue to grow and are looking for attractive foreign markets in a very selective way.”

Along with Taiwan, the United States has become one of the global offshore wind industry’s growth markets, with HSBC expecting up to 8.7 gigawatts worth of capacity auctions ther,上海会所夜网Fabian,e over the next four years.

European rivals EDF (EDF.PA) and EDP Renovaveis (EDPR.LS) have each teamed up with oil major Shell (RDSa.L) to make bids for U.S. offshore wind capacity, with one of them having been successful in recent bids.

Despite its strong regional focus, EnBW has been aggressive in its offshore wind expansion, with installed capacity of 336 megawatt (MW) and a further 609 MW under construction.

Last year, it became the first German utility to take stakes in offshore wind projects in Taiwan, where it works together with Macquarie (MQG.AX) and Swancor 3708.TW.

EnBW, w,上海夜网Falkner,hich lost out in a first auction round last year, is now preparing for upcoming tenders, Mastiaux said.

“When it comes to entering a market, no matter in which industry, it’s always the exception to be successful right away. Usually, you have to learn a few lessons first.”

EnBW has cut the profit contribution from conventional energy sources to 18 percent now from up to 80 percent in the past, but has decided against a major corporate restructuring, unlike larger peers RWE (RWEG.DE) and E.ON (EONGn.DE,上海仙霞路夜生活Dakota,).

Mastiaux, a former E.ON and BP (BP.L) executive, said that would not change, as large structural overhauls swallow a lot of time, energy and money, adding he would rather use these resources to expand EnBW’s business.

That includes examining retrofits of coal plants, which are上海夜生活 due to be phased out by Germany, but Mastiaux said operators would have to be compensated if there were cases of expropriation.

Written by shyw on August 6, 2019 Categories: zegkczqm Tags: , , ,

Aramco amps up in South Korea with $1.6 billion bet on refiner…

SEOUL ( ) – State-owned Saudi Aramco plans to invest up to $1.6 billion for a nearly 20 percent stake in South Korean refiner Hyundai Oilbank, expanding its foothold in one of its biggest Asian buyers of crude oil.

Saudi Aram,上海夜生活乌托邦Hadley,co is already the biggest shareholder in South Korea’s No.3 refiner, S-Oil Corp, with a 63.41 percent stake, and the latest deal should help Aramco boost crude oi,上海高端夜生活在那里Falkner,l sales to Hyundai Oilbank, the South’s smallest refiner by capacity.

Saudi Aramco’s chief executive told in November that it planned to expand its market share in Asia – including China, India, Malaysia and Indonesia – and Africa.

Saudi Aramco plans to pay 1.8 trillion won for a stake of up to 19.9 percent of Hyundai Oilbank from Hyundai Heavy Industries Holdings, which now owns 91.13 percent of Hyundai Oilbank.

“Saudi Aramco seems to be boosting investments in downstream projects ahead of an initial public offering,” said Lee Dong-wook, an analyst at Kiwoom Securities.

Saudi Energy Minister Khalid al-Falih said in early January that the state oil giant will be listed by 2021.

Saudi Arabia is the top crude oil supplier to South Korea, the world’s fifth-biggest importer.

In 2018, South Korea imported 323.17 million barrels of crude from the kingdom, or 885,408 barrels per day (bpd), according to data from Korea National,上海足浴夜网联系方式Idaia, Oil Corp.

Aramco, the world’s largest crude producer, plans to increase investment in refining and petrochemicals in a bid to cut its reliance on crude as demand for oil slows.

Hyundai Oilbank has a total of 650,000 barrels per day of refining capacity in the southwestern city of Daesan and also aims to expand its petrochemical business.

In May last year, it announced plans to build a 2.7 trillion won petrochemical plant with South Korea’s Lotte Chemical.

“RECONSIDER” HYUNDAI OILBANK IPO

The firm’s holding company, which also includes shipbuilder Hyundai Heavy Industries, said it would use the funds from the Oilbank deal to invest in new businesses and improve its financial structure, including cutting its debt-to-equity ratio.

Saudi Aramco plans to value Hyundai Oilbank at 10 trillion won, or 36,000 won per share, Hyundai Heavy Industries Holdings said in a statement.

A person familiar with the matter said the company plans to offer a d上海夜生活网iscount of 10 percent to Saudi Aramco in a block deal that will require board approval from both firms next month.

Shares of the parent company ended up 3.8 percent after rising as much 6.6 percent. Shares of the country’s shipbuilders rallied across the board after Qatar said it plans to order 60 new LNG carriers from unidentified firms, speaking at a summit with South Korea.

Hyundai Heavy Industries Holdings said it planned to “reconsider” the stock market listing of the refinery arm after completing the stake sale, possibly this year.

Hyundai Oilbank, which had aimed to list on South Korea’s stock exchange in 2018, delayed the plan until this year due to regulatory scrutiny of its balance sheet.

The company said on Monday that its operating profit skidded 42 percent to 661 billion won last year, hurt by falling refining margins. S-Oil also saw its operating profit halve to 680 billion won in 2018.

Hyundai Heavy is part of a joint venture with Saudi Aramco and others to build a shipyard on Saudi Arabia’s eastern coast.

Deutsche Bank board members not pushing for Commerzbank tie-up: union

BERLIN ( ) – There is no desire among Deutsche Bank’s supervisory board members for a merger with rival Commerzbank in the near-term, a Deutsche board member said.

“At the moment conditions are definitely not ripe,” Frank Bsir,上海凤楼夜网Balthazar,ske, a member of Deutsche Bank’s supervisory board and chairma上海夜生活n of Germany’s Verdi trade union, said.

Merger speculation has heated up under Germany’s finance minister Olaf Scholz, who has spoken out in favor of strong banks in Germany and whose team has met frequently with executives of Deutsche, Commerzbank and major shareholders.

“There is currently no one on Deutsche Bank’s Supervisory Board who would want to merge with Commerzbank in the short term,” Bsirske told journalists in Berlin late on Thursday.

Bsirske’s comments are the most vocal yet from a member of the board that would eventually have to sign off on any merger.

Verdi fears massive job cuts would result if the two banks were to go ahead wit,上海夜生活男人好去处Gabi,h a deal, following intense speculation of a possible tie-up between the two.

The banks and the Finance Ministry declined to comment.

A merger may make sense in a few years’ time but for now both banks have to focus on putting their own houses in order, Bsirske said, pointing to improving the investment bank, reducing complexity and enhancing infrastructure.

Asked about the possibility of a cross-border merger of Deutsche Bank with a foreign financial firm, Bsirske said it would be a good thing if they complemented one another.

But given Deutsche Bank’s low share price, the German bank would enter into any partnership as a minority partner. “And that’s certainly not the way to go at the moment,” he said.

“The CEO of Deutsch,上海夜网Nala,e Bank, whom I think is a very good person for the role, has left no doubt about that. And this position is widely shared,” Bsirske said.

Asked if Scholz were pushing for a merger, Bsirske said he was pretty sure that the finance minister was holding talks to get an assessment of the situation.

“But I am also pretty sure that he is not trying to exert undue influence over business rationale and priorities that are currently being set in the banks. That would be completely counterproductive,” he said.

Alstom, Siemens merger concessions may not save rail deal

PARIS ( ) – Efforts by Alstom and Siemens to create a European rail champion could yet hit the buffers despite their latest concessions to try to address antitrust concerns.

The merger aims to create the world’s second largest rail company — with combined revenues of about 15 billion euros ($17.1 billion) — but the deal has met opposition since it was announced in September 2017 .

In a statement on Monday, France’s Alstom confirmed that last-minute concessions had been offered, but sounded a note of caution, adding: “There is, however, still no certainty that the content of this package will be sufficient to alleviate the concerns of the (European) Commission.”

People familiar with the matter said last week that the European Union competition watchdog would block the deal, with a dec上海夜生活ision likely on Feb. 6, before the Feb. 18 deadline.

German politician Manfred Weber, leader of the European People’s Party in the European Parliament, said the latest proposals were a good way forward.

But a senior EU official cautioned that if the new concessions did not completely remedy problems raised by a market inquiry, the EU competition office will have no room for maneuvers.

Germany’s Siemens and Alstom have argued that their deal would help them be better equipped to comp,上海凤楼夜网Talon,ete with China’s state-owned CRRC, but the EU has stressed its con,上海夜生活群Talon,cerns lay with defending consumer interests rather than creating regional industrial powerhouses.

The combined revenues of the rail company would be roughly half the size of CRRC but double Canada’s Bombardier.

To sweeten the deal, the two companies are now prepared to share Siemens’ high-speed train technology for 10 years instead of five in Europe, a source familiar with the matter told last week.

European Union Competition Commissioner Margrethe Vestager told on Sunday her staff were reviewing last-minute changes filed by the two companies on Friday.

But she added that they had come “way, way over the usual deadline.”

Asked if the door was still open for a possible agreement, Vestager said, “We’re looking at what was handed over to us this Friday. This is the last push, if at all possible.”

Competition agencies in Germany, Britain, Spain, the Netherlands and Belgium have warned against the merger, saying the first set of concessions fell short.

But the French and Ge,上海晚上耍女人的地方Jace,rman governments have argued that halting the deal would be a strategic error, and have thrown their weight behind the rail merger.

Alstom’s shares fell 2.8 percent in Paris on Monday, while Siemens’ shares slipped 0.2 percent.

($1 = 0.8778 euros)

Before start of new oil pact, OPEC made progress averting glut

LONDON ( ) – OPEC cut oil output sharply in ,上海夜生活论坛Gabriella,December before a new accord to limit supply took effect, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.

The Organization of the Petroleum Exporting Countries said in a monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

Worried by a drop in oil prices and rising supplies, OPEC and allies including Russia agreed in December to return to production cuts in 2019. They pledged to lower output by 1.2 million bpd, of which OPEC’s share is 800,000 bpd.

OPEC Secretary General Mohammad Barkindo told that producers were seeking to avoid a build-up in the industrialized world’s oil inventories above the five-year average.

They were above that mark in November, figures in OPEC’s report showed.

“We are not yet out of the winter woods,” he said. “The oil industry cannot afford to relapse into another downturn,” he said in reference to a 2014-2016 oil market slump.

The supply reduction in December means that if OPEC fully implements the new Jan. 1 cut, it will avoid a surplus that could weaken prices. Oil LCOc1 slid from $86 a barrel in October to less than $50 in December on concerns over excess supply.

OPEC expects 2019 global oil demand growth to slow to 1.29 million bpd from 1.5 million in 2018, though it was more upbeat about the economic backdrop than last month and cited better sentiment in the oil market, where crude is back above $60.

“While the economic risk remains skewed to the downside, the likelihood of a moderation上海夜网 in monetary tightening is expected to slow ,上海夜生活Tabitha,the decelerating economic growth trend in 2019,” OPEC said in the report.

Barkindo added that he remains optimistic that “healthy demand” would hold this year.

The supply ,上海夜网推油Idris,cut was a policy U-turn after the producer alliance known as OPEC+ agreed in June 2018 to boost supply amid pressure from U.S. President Donald Trump to lower prices and cover an expected shortfall in Iranian exports.

OPEC changed course after the slide in prices starting in October. A previous OPEC+ supply curb starting in January 2017 – when OPEC production fell by 890,000 bpd according to OPEC figures – got rid of the 2014-2016 glut.

The group confirmed on its website that it plans to meet over April 17-18 in Vienna to review the supply cut agreement. OPEC sources said another meeting could follow in June.

SAUDI CURBS

The biggest drop in OPEC supply last month came from Saudi Arabia and amounted to 468,000 bpd, the report showed.

Saudi supply in November had hit a record above 11 million bpd after President Trump demanded more oil be pumped.

The kingdom told OPEC that it lowered supply to 10.64 million bpd in December and has said it plans to go even further in January by delivering a larger cut than required under the OPEC+ deal.

The second-largest was an involuntary cut by Libya, where unrest led to the shutdown of the country’s biggest oilfield.

Iran registered the third-largest decline in output, also involuntary, as U.S. sanctions that started in November discouraged companies from buying its oil.

Iran, Libya and Venezuela are exempt from the 2019 supply pact and are expected by some analysts to post further falls, giving a tailwind to the voluntary effort by the others.

OPEC said in the report that 2019 demand for its crude would decline to 30.83 million bpd, a drop of 910,000 bpd from 2018, as rivals pump more and the slowing economy curbs demand.

Delivering the 800,000 bpd cut from December’s level should mean the group would be pumping slightly less than the expected demand for its crude this year and so avoid a surplus. Last month’s report had pointed to a surplus.

The figures for OPEC production and demand for its crude were lowered by about 600,000 bpd to reflect Qatar’s exit from the group, which now has 14 members.

Written by shyw on May 19, 2019 Categories: zegkczqm Tags: , , ,

Google, Facebook spend big on U.S. lobbying amid policy battles

SAN FRANCISCO ( ) – Alphabet Inc’s Google disclosed in a quarterly filing on Tuesday that it spent a company-record $21.2 million on lobbying the U.S. government in 2018, topping its previous high of $18.22 million in 2012, as the search engine operator fights wide-ranging scrutiny into its practices.

In its filing to Congress on Tuesday, Facebook Inc disclosed that it also spent more on government lobbying in 2018 than it ever had before at $12.62 million. That was up from $11.51 million a year ago, according to tracking by the nonpartisan Center for Responsive Politics.

Google’s spent $18.04 million on lobbying in 2017, according to the center’s data.

Google and Facebook declined to comment beyond their filings.

U.S. lawmakers and regulators have weighed new privacy and antitrust rules to rein in the power of large internet service providers such as Google, Facebook and Amazon.c上海夜网om Inc. Regulatory backlash in the United States, as well as Europe and Asia, is near the top of the list of concerns for technology investors, according to financial analysts.

Microsoft Corp spent $9.52 million on lobbying in 2018, according to its disclosure on Tuesday, up from $8.5 million in 2017 but below its $10.5 million tab in 2013.

Apple Inc spent $6.62 million last year, compared to its record of $7.15 million in 2017, according to center data going back to 1998.

Apple and Microsoft did not respond to requests to comment. A filing from Amazon was expected later on Tuesday.

Google disclosed that new discussion topics with regulators in the fourth quarter included its search technology, criminal justice reform and international tax reform. The company is perennially among the top spenders on lobbying in Washington along with a few cable operators, defense contractors and healthcare firms.

Google Chief Executive Sundar Pichai, who testified in December before a U.S. House of Representatives panel for the fir,上海足浴夜网联系方式Tallulah,st time, has said the company backs the idea of national privacy legislation. But he has contes,上海晚上耍女人的地方Dalton,ted accusations of the company having a political bias in its search results and of stifling competition.

Susan Molinari, Google’s top U.S. public policy official, stepped down to take on,夜上海419龙凤论坛Barney, an advisory role this month.

Facebook said discussing “election integrity” with national security officials was among its new lobbying areas in the fourth quarter. The filing said the company continued to lobby the Federal Trade Commission, which is investigating its data security practices.

Exclusive: Snapchat weighs what was once unthinkable – permanent snaps

NEW YORK ( ) – Snap Inc is considering changes to its Snapchat app, known for disappearing photos and videos, that could make users’ public posts longer lasting or even permanent, people familiar with the matter said.

The company is also weighing an option to reveal the identities of Snapchat users who make public posts, a person familiar with Snap’s plans said.

Together the changes would mark a big step in Snap’s effort to lure and keep users by making content shared publicly via the “Our Story” section, more available outside Snapchat. They could also create a new revenue source for money-losing Snap, which has seen its user base shrink and executives flee the company.

But such changes to Snapchat, which launched in 2011 and became an instant hit amon,上海夜网官方网站Nadia,g teenagers and millennials, could trigger backlash from users who cherish their privacy, especially as rival Facebook Inc has been plagued by scandals over how it handles user data.

Snap is carefully weighing the privacy, technical and legal considerations of revealing user identities on public posts, said the person familiar with Snap’s plans.

Only Snapchat photo and video content shared to “Our Story”, which shares the snaps publicly to a wide,上海夜生活服务Dakota,r audience and not just a user’s friends, would be affected and users would still have the option of deleting those stories, said the person.

Snap has already extended the shelf life of public stories, but making them last even longer or revealing more about the users who create them would be a further departure from Snapchat’s hallmark features.

Snap declined to comment.

The changes would come in response to feedback from Snap’s four partnerships with news discovery platforms that help media companies spot, analyze and republish public breaking news content on Snapchat, sources said. is a customer of SAM Desk and NewsWhip, two of the news discovery platforms.

The news partnerships are part of Snap’s “Stories Everywhere” initiative, launched last year to push content to more places outside Snapchat.

Snap announced the partnerships last year and will sign four more deals in the near future, said the person familiar with Snap’s plans.

Initially, public stories would disappear after 30 days but now remain viewable for 90 days, according to Snap’s support website.

Some partners have said that the disappearing and anonymous nature of public stories makes them difficult to work with, the sources said.

Some news organizations will not embed Snapchat stories into articles because the content eventually disappears, while others will not use them because they are unable to verify anonymous users’ Snapchat videos.

One source familiar with the news partnership said Snap is already talking with one partner about making public posts last even longer and to make some content from celebrities permanent.

LUCRATIVE BUSINESS

Snap’s stock has been under pressure as investors question the company’s plan to reach profitability. Snap shares on Friday closed some 60 percent below their March 2017 initial public offering price.

Making user content more valuable for partners has helped b上海夜生活oost revenue at Snap’s rivals.

Twitter Inc was one of the first social media platforms to sell access to public posts or tweets and reported $108 million in third-quarter revenue from non-advertising businesses like data licensing, its fastest-growing division.

Twitter sells access to more than 500 million daily tweets to customers including analytics firms, news organizations and financial institutions that use trending tickers and stories to place trades.

Snap does not currently charge for access to public data, but could earn more advertising revenue if snaps embedded outside of Snapchat last longer, said Debra Aho Williamson, a social media marketing analyst with research firm eMarketer.

“The advertising would be visible for longer, and I could see advertisers paying more for it,” Williamson said.

Facebook, viewed as a rival to Twitter in the data licensing market, recently implemented strict restrictions that have in turn made Sna,上海高端夜生活在那里Barbara,p’s content more valuable, industry sources said.

Snapchat’s video-heavy posts also offer elements that Twitter and Facebook’s largely text content cannot, especially in breaking news events, one of the sources said.

Bogle’s legacy: Booming index funds with perhaps too much reach

BOSTON ( ) – John “Jack” Bogle, the founder of index investment pioneer Vanguard Group Inc, changed Wall Street by convincing millions to turn away from mutual funds that actively pick stocks, but his legacy will also be shaped by the unintended consequences of index funds.

Bogle, who died of cancer at age 89 on Wednesday, saved investors billions of dollars by devising and championing low-fee funds that tracked markets instead of trying to beat them.

However, now that index funds and similar exchange-traded funds hold roughly $6.7 trillion, or 35 percent of long-term fund assets, concerns are rising that the products may reduce competition, distort markets, or prove too deferential to management and corporate directors.

As recently as 2007, index funds and ETFs accounted for only 15 percent of long-term fund assets, according to the Investment Company Institute. The 2007-2009 financial crisis buttressed Bogle’s view that in the long run low-cost passive vehicles hold fundamental cost advantages over actively managed funds. Only 44 percent of active managers outperformed their benchmarks during the period, according to Vanguard’s research.

A generation came to believe active managers could not prevent losses, said Todd Ro,上海夜生活服务Qirin,senbluth, senior director of mutual fund and exchange traded fund research at New York based CFRA.

At the same time the growth of index-based products led to the easy availability of ETFs that take leveraged bets on specific sectors, often for little to no trading commission costs, Rosenbluth said, such as Direxion’s new leveraged communications services ETFs. [TAWK.P] [MUTE.P]

Such products allow short-term bets that are inimical to Bogle’s buy-and-hold philosophy.

“We now have strategies that are the opposite of buy and hold and we have fee structures that encourage much more tactical 上海夜生活论坛trading than he had hoped would happen,” Rosenbluth said. Another challenge facing index funds is how they will fare in volatile markets. In theo,上海夜生活网419Daisy,ry such conditions should favor active traders who can hop into undervalued companies and sectors. For instance, as markets sank in 2018, the total return of Fidelity’s famed Contrafund [FCNTX.O] beat the S&P 500 index by 2.26 percentage points, a representative performance among large growth funds.

Still, the passive side is holding up: In the month of December passive funds received net deposits of about $60 billion, while investors pulled a record $143 billion from actively managed funds, according to Morningstar.

For all of 2018 Vanguard led the industry with $161 billion in net deposits, followed by $136 billion to BlackRock Inc’s iShares line.

Together the five largest Vanguard funds saved investors at least $5 billion in fees in 2018, compared with what they would have paid to keep the same assets in the largest active funds, estimated industry consultant Neil Bathon.

Even after Bogle left Vanguard’s board of directors in 1999 he remained a tireless advocate for index funds. “It is quite rare to find people whose principles and conviction are as closely aligned in their personal and professional lives as they were with Mr. Bogle,” Bathon said.

The rapid growth of index investing has also given rise to concerns they could reduce the incentives for competition at the companies they own, or weaken proxy voting pressure on corporate directors.

In a recent paper, professors Lucian Bebchuk of Harvard Law School and Scott Hirst of Boston University Law School argued index fund managers have strong incentives to “defer excessively to the preferences and positions of corporate managers,” in return for benefits like managing corporate pension mon,夜上海论坛Tamara,ey.

Even Bogle himself had become critical of the power of the behemoth he created. In a November opinion piece in The Wall Street Journal, Bogle warned the continued growth of Vanguard, BlackRock and State Street would become problematic.

Soon the three firms could own 30 percent or more of the U.S. stock market. “I do not believe that such concentration would serve the national interest,” Bogle wrote, noting how such a move would concentrate voting power with just a small number of executives.

Jeff Ptak, Morningstar’s head of global manager research, said Vanguard hardly represents a risk to market stability at its current size, but credited Bogle with raising “constructive concerns” about the growing influence of passive funds.

The biggest risk posed by Bogle’s approach to investing, said another Morningstar analyst, Alec Lucas, “is to the profit margins of the average active manager who underperforms after fees.”

Emerging markets brought the bears, now they have the bulls

LONDON ( ) – This weekend marks a year since the start of one of most comprehensive global bear markets on record, but just as the developing world’s equity indexes were first to fold last year, now they are leading the charge back up.

Although there are a few subtleties this time, it largely fits with a pattern th,上海夜网千花Lark,at stretches back decades.

During the global financial crisis, emerging market stocks dropped the 20 percent that defines a ‘bear’ market three weeks sooner than the main global indexes and started to bounce back four months earlier.

It was a similar story in 2016 and when the dot-com bubble deflated in 2000. Back then EM also started to fall three weeks earlier, took less than a third of the time to reach bear territory and bottomed out 11 months sooner.

“You just have more volatility and a faster moving investor base in emerging markets,” said Kiran Nandra-Koehrer at Pictet Asset Management. “So when fear tends to take over the market that can be a really interesting buying opportunity.”

Last year’s rout saw EM and global indexes actually start their slides within hours of each other. But there were still plenty of familiar patterns to observe.

China’s heavy falls and even bigger hits for the likes of Turkey meant MSCI’s EM index was a bear market by September, whereas the all world index held out until Christmas.

U.S. tech bulls were still pushing the S&P 500 and Nasdaq to record highs up until late September and early October. At that point China was down 30 percent, EM overall had lost 23 percent and Turkey and Argentina had already troughed.

But EM has led the rebound too. MSCI EM began to claw上海夜网 up at the end of October, two months earlier than the world index.

Analysts at Bank of America Merrill Lynch reckon funds have been putting money into EM stocks for the last 15 weeks and this month the index is up 7 percent, which is nearly as much as it surged last January before buckling so badly.

“We have seen more interest in EM assets for several months,” said Aberdeen Standard’s head of global strategy, Andrew Milligan.

Another remarkable symmetry is that almost a year to the day since the bears first attacked, Tu,上海会所夜网Barrett,rkish stocks have came full circle and achieved ‘bull market’ status – 20 percent up from their lows.

It has been Brazil that has really set pace in that respect though.

Its main stock market started to rebound from a 20 percent drop in June and was already a bull market by the time far-right but reform-focused Jair Bolsonaro won the first round of presidential elections in early O,上海夜生活去哪玩Gabrielle,ctober. Brazilian stocks are now up 40 percent from their lows and at an all-time high.

Aviva Investors’ head of multi-asset funds, Sunil Krishnan, started buying up more EM assets back in November.

“If we are right that U.S. macro is in reasonable shape and at least in some areas trade dialogue between the U.S. and China will improve and Chinese authorities will be more aggressive with stimulus… then it should be a constructive year for EM.”

As outlook darkens, central banks think hard about their language

DAVOS, Switzerland ( ) – As central banks stock up on policy ammunition in the face of a worsening global economic outlook, they are having to reassess one of their most delicate weapons – the ‘forward guidance’ they use to flag their intentions to the markets.

Forced to slash borrowing costs, in some cases below zero, to fight the global financial crisis, the big central banks relied heavily on verbal hints and signals to set expectations about the future path of rates. By promising to keep monetary conditions ultra-loose, they hoped to push down longer-term rates and spur growth.

A decade on, they are again grappling for the right language as they wind down crisis-era measures while still facing an array of daunting risks, from the U.S.-China trade war to Brexit and slowing global growth.

Conditions have not deteriorated to the point where central banks need to ponder reverting to extreme measures. The Fed can pause its rate hike cycle, the European Central Bank can go slow in raising rates and,上海夜网官方网站Radcliff, the Bank of Japan feels maintaining its current stimulus will be enough.

But policymakers gathering in Davos for the World Economic Forum this week – including central bank chiefs Haruhiko Kuroda of Japan and Mark Carney of Britain – will be taking a hard look at what ammunition they have left to battle the next economic downturn.

While shrugging off fears of an imminent global recession, International Monetary Fund Managing Director Christine Lagarde warned policymakers on Monday to brace for a “serious slowdown” as trade protectionism, higher tariffs and f上海夜生活论坛inancial market turbulence darken the outlook.

“After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” Lagarde told reporters in Davos after the global lender cut its estimates for global economic growth this year and next. [L1N1ZL0BZ]

The U.S. Federal Reserve has been weaning itself off forward guidance as it dials back crisis-mode policies, removing last year a phrase that policy will stay “accommodative” for some time.

But other central banks, notably the BOJ, have been forced to maintain or even strengthen forward guidance to make up for a lack of alternative tools. Compared with other options, this has the advantage that it only requires tweaking language.

While central banks may eventually turn to radical means like quantitative easing (QE), depending on the severity of the situation, they could prepare such steps or complement them with forward guidance to buy time or maximize the stimulus effect.

“Policymakers at both the Fed and the ECB will want to keep forward guidance as a tool of monetary stimulus in future,” said Mansoor Mohi-uddin, Macro Strategist at NatWest Markets.

LIMITS OF QE

The BOJ could be among the major central banks most reliant on forward guidance. Already owning half of Japan’s government bond market, there are limits to how much more QE it can do.

Rate cuts are also controversial as years of ultra-low rates have narrowed financial institutions’ margins, enough to draw concerns within the BOJ of the rising cost of prolonged easing.

The BOJ could thus consider offering stronger forward guidance, such as binding itself to keep interest rates at current ultra-low levels until inflation approaches 2 percent, if it,上海夜网千花Easton, were to ramp up stimulus again, say sources familiar with the central bank’s thinking.

“It’s definitely among tools the BOJ will consider when the economy is hit by a big shock,” one of the sources said, a view echoed by two other sources.

Forward guidance could also come in handy for the ECB, as reverting to QE would be difficult given it has essentially run out of bonds to buy within its self-imposed role.

The ECB has pledged to keep its deposit rate at minus 0.4 percent at least until the summer of 2019 but does not provide guidance beyond that. The likely response to any further economic slowdown would be to push out rate hike expectations even further, a relatively easy move.

“Interest rate cuts and quantitative easing will likely remain the main instruments for reviving demand when the next recession strikes,” said Mohi-uddin of NatWest Markets.

There is debate, however, on how well central bankers could steer market expectations without confusing investors.

ECB President Mario Draghi sent bond yields soaring in September last year when he talked about a “vigorous” inflation rise, sparking expectations of an imminent lift-off.

BOJ Governor Kuroda also jolted markets in late 2017 when he spoke of a “reversal rate,” or the rate at which the cost of easing exceed,上海夜网推油Easton,s the benefits, stoking fears his central bank would soon dial back stimulus.

Market expectations on the Fed’s policy path whip-sawed after its chairman Jerome Powell gave conflicting signs on how quickly the Fed would hike rates and shrink its balance sheet.

Striking the right balance between transparency and flexibility has also always been tricky.

“Forward guidance is effective at times but not always. It needs to be realistic and credible. That’s not easy,” said Kazuo Momma, executive economist at Mizuho Research Institute and a former senior BOJ official with experience of drafting monetary policy.

“It’s pretty hard to deal with various situations by forward guidance alone. If it’s too ambiguous, it doesn’t have punch. But if you’re too clear, the guidance could bind future policy.”

Former BOJ board member Sayuri Shirai, who has worked with the IMF, said central banks need to be more creative on how to maximize the effect of forward guidance.

“Forward guidance was effective after the Lehman crisis because it was something new and surprised people,” she said. “Now, everyone got used to it. That raises the hurdle for central banks to make forward guidance work.”

Davos influence graphic: tmsnrt.rs/2HgY4lx

Pennsylvania court could order new congressional map before 2018…

HARRISBURG, Pa. ( ) – Pennsylvania Supreme Court justices on Wednesday grilled a lawyer who defended the way state congress,上海夜生活网419Cade,ional districts are apportioned, a design opponents have challenged as illegally skewed to benefit Republicans who hold 13 of its 18 seats in the U.S. House of Representatives.

The majority of the court, which has five Democrats and two Republicans, appeared sympathetic to the argument that Pennsylvania’s congressional districts are illegally gerrymandered. A civic group and some Democratic voters brought the challenge, one of several such lawsuits nationwide.

If the court ordered lawmakers to draw a new map, it could help Democrats in the 2018 midterm elections. The party needs to flip two dozen seats nationwide to win control of the House, and Pennsylvania is a key battleground.

Jason Torchinsky, a lawyer representing Republican legislative leaders, endured tough questions from the justices over his cont上海夜生活论坛ention that lawmakers can legally draw the map to protect partisan interests.

Justice Max Baer, a Democrat, questioned Torchinsky’s claim that district maps can connect disparate neighborhoods using “land bridges,” sometimes no wider than a single property.

“So if you took the Democratic areas of Pitt,上海夜网Gabriel,sburgh and Philadelphia and connected them via the Pennsylvania Turnpike, that’s okay?” he asked.

Torchinsky replied yes.

During the 2-1/2-hour hearing, several justices expressed uncertainty about whether the map could be redrawn in time for fall elections, with some candidates already on the campaign trail.

“We coul,上海夜生活Idaleen,d agree with your argument and still deny a remedy that puts the state into a tailspin,” said Justice Debra Todd, a Democrat.

The League of Women Voters of Pennsylvania filed the lawsuit challenging a 2011 redistricting by the Republican-led Pennsylvania legislature. The suit claims the legislature violated the state constitution by contorting the map to favor Republicans with some of the most gerrymandered districts in the country.

“We’re not doing it to equalize population or make the districts more compact or contiguous,” David Gersch, a lawyer for the plaintiffs, said of Republican legislators. “We’re doing it because we don’t like the way you vote.”

Similar challenges nationwide include a case involving Wisconsin currently before the U.S. Supreme Court, which has previously suggested extreme partisan gerrymandering may be unconstitutional.

Still, the U.S. high court has never articulated a specific standard, a point some of the Pennsylvania justices noted.

“You are asking us to go further than any court has gone before,” Todd said.

A lawyer for Democratic Governor Tom Wolf told the court the governor supports a new map for 2018 and that primary elections in May could be postponed if needed.

(This version of the story corrects spelling of Pennsylvania’s in paragraph two)

Written by shyw on September 24, 2018 Categories: zegkczqm Tags: , , ,

Raytheon’s mixed quarter, modest forecast hurt shares

( ) – Tomahawk missile maker Raytheon Co disappointed investors on Thursday by forecasting conservative 2019 profit and revenue after reporting quarterly revenue below Wall Street expectations.

Revenue in the quarter rose to $7.36 billion from $6.78 billion a year earlier boosted by higher demand for its weapons from the United States and its allies, but it missed estimates of $7.46 billion, according to IBES data from Refinitiv.

Raytheon was the latest top U.S. defense contractor th,上海夜生活桑拿会所Octavia,is week to reveal it wasn’t growing as fast as Wall Street expected, suggesting an anticipated surge in defense spending under President Donald Trump had not directly translated into weapons contracts – at least not yet.

Chief Executive Tom Kennedy told analysts on the call that the Trump administration’s recently released Missile Defense Review included several Raytheon programs including the Standard Missile-3 (SM-3) Block IIA and the ICBM interceptors that Raytheon is working on.

“All around I think the missile defense review is great for us,” he said.

Shares were down about 2.2 percent to $167.63 in early trading.

The company said it expected 2019 net sales to range between $28.6 billion and $29.1 billion, marginally below analysts’ average expectation of $29.01 billion, according to Refinitiv data.

The U.S. weapons maker forecast 2019 profit in the range of $11.40 to $11.60 per share, below analysts’ average estimate of $11.78 per share, according to IBES data from Refinitiv.

Toby O’Brien, Raytheon’s chief financial officer, told in an interview on Thursday that the approaching end of an Army training contract was holding back some of the 2019 growth.

“It’s transitioning out, and winding down that program in and of itself dropped about a half a billion dollars year-over-year, so we’re absorbing that headwind,” he said, without providing an end date.

If that were ignored in 2019 “we’d be talking about, you know, eight to 10 percent growth instead of 6 to 8,” he said. The contract is in the Intelligence, Information and Services business unit, which posted a 23 percent jump in operating income in the fourth quarter versus the same period a year earlier.

Rivals Lockheed Martin Corp, General Dynamics Corp and Northrop Grumman also forecast their 2019 profit below analysts’ estimates this week.

Raytheon said operating cash flow from continuing operations is expected to be in the range of $3.9 billion to $4.1 billion in 2019, compared with $3.4 billion in the previous year. But the mid-point of the forecast fell short of analysts’ average estimate of about $4.1 billion.

The company projected that 2020 cash flow would be $4.6 billion. O’Brien told analysts during a post-earnings call that the out-year cash flow projection came from operational improvements as well as international collections.

Raytheon reported higher sales across its five segments, led by its missile systems unit, where sales rose 6 percent to about $2.32 billion. The increase was driven by higher sales from “classified programs,” for which the company does not provide detailed numbers.

Waltham, Massachusetts-based Raytheon and other U.S. weapons mak上海夜生活网ers are expected to benefit from strong global demand for fighter jets and munitions as well as higher U.S. defense spending in fiscal 2020.

Operating margins of Raytheon’s Integrated Defense Systems (IDS) unit, which makes the Patriot missile system, fell to 14.7 percent in the fourth quarter from 15.9 percent from a year earlier, due,上海新夜网龙凤Idaia, to higher investment in new business lines.

Operating margin in the missile systems unit, which makes Paveway smart bombs and advanced medium-range air-to-air missiles, fell to 11.8 p,上海夜网千花Octavien,ercent in the quarter ended Dec. 31 from 12.7 percent a year earlier, due to a change in mix.

Raytheon’s net income attributable to the company jumped to $832 million, or $2.93 per share, in the quarter, compared with $393 million, or $1.35 per share, a year earlier, benefiting from lower taxes related to the U.S. tax overhaul.

Sales at the space and airborne systems unit, which makes electronic warfare systems for tactical aircraft, helicopters and ships, rose 12.6 percent to $1.88 billion, but operating margins fell to 13.9 percent from 14.5 percent.

Poland set to exclude China’s Huawei from 5G plans

WARSAW ( ) – Poland is set to exclude Huawei from its future 5G network in favour of European players following the arrest of an employee from the Chinese telecoms company on suspicion of spying, officials and industry sources say.

Polish government officials are talking to European Union and North American allies on the next steps but haven’t determined which telecoms equipment maker might replace Huawei, the sources said.

“Arresting a spy means end of the discussion,” said a government official, who spoke on the condition of anonymity. “I think the Chinese will not be present in 5G in Poland.”

Finland’s Nokia and Swedish telecoms company Ericsson are the leading two European competitors who could provide 5G telecoms equipment for Poland, the largest economy in eastern Europe.

Poland’s President Andrzej Duda has also suggested that Huawei was likely to be shut out.

“I’,上海高端夜生活在那里Naia,m definitely closer to cooperating with European firms or with those from the U.S. than with producers from Asia,” Duda said in an interview with Polish website money.pl.

Poland announced two weeks ago that it had arrested a Chinese Huawei executive and a former Polish security official on spying allegations. Huawei has fired the man, who has denied wrongdoin,上海夜生活群Tallulah,g.

The Polish national’s lawyer also told that his client is not guilty, nor is he a spy.

Huawei officials met the Polish government this week to address security concerns.

“We are working with the government and partners in Poland to convince the authorities that far from posing a threat to networks in the country, our technology will help improve connectivity,” Huawei said in a statement.

Huawei is playing a leading role as the telecoms world gears up ,上海夜生活去哪玩Gabrielle,for 5G, the next generation wireless technology that promises to link up everything from vehicles to household devices at far greater speeds.

But some Western countries have barred Huawei after U.S. officials briefed allies that Huawei is at the 上海夜生活beck and call of the Chinese state, warning that its network equipment may contain “back doors” that could open them up to cyber espionage. Huawei says such concerns are unfounded.

Two of the largest ongoing 5G trials in Poland — run by Orange and T-Mobile — are based on Huawei technology but that appears likely to change.

T-Mobile, Orange, Nokia and Ericsson declined to comment.

Last year, Poland’s state-run telecom operator Exatel suggested building a state consortium, saying it would be cheaper to put together and that the state would earn more from the network.

Telecoms industry sources confirmed that such an option is now more seriously under consideration following the arrest of the Huawei official.

“Poland’s alternative (to Huawei) is to build a state-owned company (or consortium) that would maintain 5G connectivity and using some sort of consortium they will pick partners,” said Tomasz Siemoniak, a former defense minister and current parliament member.

Ford fourth-quarter results weighed down by losses overseas

DETROIT ( ) – Ford Motor Co (F.N) on Wednesday posted a lower operating fourth-quarter profit as losses in every global region except North America weighed on results.

The No. 2 U.S. automaker, which has announced an alliance with Germany’s Volkswagen AG (VOWG_p.DE), is restructuring operations globally. It is making cuts in Europe, looking to reorganize its South American operations and turn around China – all unprofitable regions.

“It was not a year we were happy with and the fourth quarter continued that ,上海夜网千花Fabian,theme,” Chief Financial Officer Bob Shanks told reporters at the company’s headquarters outside Detroit. He acknowledged the potential this year for disruptions such as strikes in regions where it is restructuri,夜上海419龙凤论坛Ebba,ng.

In 2018, Ford took a $3.3 billion combined hit from higher tariffs and commodity costs, unfavorable foreign exchange and recalls related to former airbag maker Takata.

Last week, Ford provided a cloudier 2019 outlook because of tariff costs and uncertainty over Britain’s exit from the European Union, only saying it had the potential for higher earnings and revenue.

That was in contrast to Ford’s larger U.S. rival, General 上海夜生活论坛Motors Co (GM.N), which on Jan. 11 forecast higher 2019 earnings that far surpassed analysts’ estimates.

Shanks reiterated on Wednesday that Ford’s market-leading presence in Britain gave it extensive exposure to the effects of Brexit.

Ford said on Jan. 10 that it would cut thousands of jobs and look at plant closures in Europe as part of its plan to return to profit in the region.,上海夜网Gabriel,

Ford posted a fourth-quarter net loss of $116 million, or 3 cents a share, down from a net profit of $2.5 billion, or 63 cents a share, in the same quarter in 2017, largely because of one-time pension costs and other charges.

Excluding one-time charges, it earned 30 cents a share, in line with an outlook Ford executives provided last week that was shy of Wall Street’s expectations.

In North America, Ford posted a pre-tax profit of $2 billion. It saw losses in every other region, with Asia reporting the largest loss of $381 million, driven by plummeting sales in China.

On Jan. 15, Ford and VW said they would join forces on commercial vehicles and were exploring joint development of electric and self-driving technology.

On Wednesday, sources said that Germany’s automakers, including VW, were in talks to jointly develop autonomous cars. VW reiterated it was still looking for new partners, while Shanks said the companies were still in talks.

Ford, which ended 2018 with $23.1 billion in cash, previously said it remained committed to its operations in Europe and South America, and its losses in China would narrow this year. Chief Executive Jim Hackett said on Wednesday that analysts “don’t have to wait long” for Ford’s South American reorganization plan.

Ford shares rose about 1 percent to $8.41 in extended trading.

Subaru halts bulk of global car output over part defect

TOKYO ( ) – Subaru Corp (7270.T) said its sole car factory in Japan, accounting for roughly 60 percent of global production, could be out of action for almost two weeks after it discovered a suspected defect in a power-steering component.

Shares in Japan’s sixth-largest automaker fell nearly 7 percent at one point before recovering some ground after the company announced further details, including plans to restart production on Monday at the earliest. It closed down 3.4 percent, while the benchmark Nikkei average .N225 ended flat.

The production stoppage, which started from the night shift on Jan. 16 at one of Subaru’s only two factories worldwide, was first reported in the Asahi newspaper on Wednesday.

The possible defect affected the Forester, Impreza, and XV models, the automaker said. Production of all other models had also stopped because they are built on the same assembly line, it said.

“Based on the contribution margin per vehicle, we estimate that a complete shutdown of Japanese production lines for one week would dent operating profits by 13.5 billion yen ($123 million),” Nomura Securities analyst Masataka Kunugimoto said.

Subaru is already reeling from stagnant sales growth in the United States and fresh recalls in Japan due to inspection cheating. In November, it slashed its profit forecast by a quarter citing rising recall costs.

The company said it did not yet know what impact the pr,上海021夜网Gabi,oduction halt would have on its earnings, which are already on track for a third-straight annual drop.

The Asahi ,上海仙霞路夜生活Hadley,newspaper said the impact on production so far likely exceeded 10,000 units, and that delays were starting to be seen in delivery to customers.

Subaru said the cause of the potential defect was still unknown. It declined to comment on why the problem was not disclosed earlier.

Vehicles with the possible defect were produced between late December and Jan. 16, and “appropriate” steps would be taken to ensure the s上海夜网afety of those cars, it added without elaborating.

The automaker said it was investigating whether its U.S. plant had been affected, although production was continuing there for the time being. Subaru counts on the United States for more than 60 percent of global vehicle sales.

A day before the stoppage, Subaru said it planned to build 650,000 vehicles in Japan and 1.03 million globally this year, up 1 percent on the previous year.

It has forecast record global sales of 1.08 million vehicles, of which 700,000 are expected to come from the profitable U.S. market.

Nomura Securities’ Kunugimoto said that while the stoppage could impact this year’s results, he maintained his forecast for a strong recovery from the next fiscal year.

S,上海夜生活群Jace,ubaru’s last major production shutdown occurred after the Great Tohoku earthquake in 2011 due to power outages and supply chain disruptions.

U.S. judge rejects Yahoo data breach settlement

( ) – A U.S. judge rejected Yahoo’s proposed settlement with millions of peo上海夜生活论坛ple whose email addresses and other personal information were stolen in the largest data breac,上海夜网邀请码Jace,h in history, faulting the Internet services provider for a lack of transparency.

In a Monday night decision, U.S. District Judge Lucy Koh in San Jose, California, said she could not declare the settlement “fundamentally fair, adequate and reasonable” because it did not say how much victims could expect to recover.

Yahoo, now part of New York-based Verizon Communications Inc, was accused of being too slow to disclose three breaches from 2013 to 2016 that affected an estimated 3 billion accounts.

The settlement called for a $50 million payout, plus two years of free credit monitoring for about 200 million people in the United States and Israel with nearly 1 billion accounts.

But the judge said the accord did not disclose the size of the settlement fund or the costs of the credit monitoring, and the proposed class may be too big because the number of “active” users that Yahoo disclosed privately to her was far lower.

Koh also said the maximum $35 million of fees for the plaintiff,上海夜网推油Nadia,s’ lawyers may be “unreasonably high,” saying the legal theories of the case were “not particularly novel.”

A lawyer for the plaintiffs did not immediately respond on Tuesday to requests for comment.

Verizon said: “While preliminary approval of the settlement was not granted, we’re confident that we can achieve a viable path forward.”

Yahoo revealed the full scope of the breaches after having agreed in July 2016 in to sell its internet business to Verizon for $4.83 billion. The revelations prompted a cut in the purchase price to $4.48 billion.

U.S. prosecutors charged two Russian intelligence agents and two hackers in connection with one of the breaches in 2017. One hacker later pleaded guilty.

Koh contrasted her decision with her approval last August of health insurer Anthem Inc’s $115 million settlement over data breaches affecting about 79 million victims.

The judge said Anthem, unlike Yahoo, timely disclosed the breaches, offered free credit monitoring even before settling, and committed to upgrading its data security.

“Yahoo’s history of nondisclosure and lack of transparency related to the data breaches are egregious,” Koh wrote.

“Unfortunately, the settlement agreement, proposed notice, motion for preliminary approval, and public and sealed supplemental filings continue this pattern of lack of transparency,” she added,上海021夜网Sabina,.

The case is In re: Yahoo Inc Customer Data Security Breach Litigation, U.S. District Court, Northern District of California, No. 16-md-02752.

Ryanair pilot unions in ‘several countries’ suspend talks: ECA

DUBLIN ( ) – Ryanair (RYA.I) pilot unions in several countries ,上海夜生活论坛Daisy,have suspended talks with management in protest at what they see as the airline using the threat of base closures as a barg上海夜生活aining tool in labor talks, the European Cockpit Association (ECA) said on Wednesday.

The unions include those representing pilots in two of Ryanair’s biggest markets, a union source told , declining to name which markets they were.

The temporary suspension is a reaction to Ryanair’s closure of bases in the Dutch city of Eindhoven and Bremen in Germany and the reduction of capacity in the German region of Niederrhein. The European Cockpit Association in October described the move as a “de,上海夜哪里艳遇Idaleen,claration of war”.

Ryanair has also threatened to close two bases in the Canary Islands if cabin crew in Spain do not sign up to a collective labor agreement by next week, the ECA said,上海凤楼夜网Dahlia, on Wednesday.

Spanish cabin crew called off planned strikes last week after reaching a preliminary agreement on contracts.

A spokesman for Ryanair was not available for immediate comment.

Europe’s largest low-cost carrier suffered a number of strikes last year by pilots and cabin crew, grounding hundreds of flights across Europe, after it agreed to recognize unions for the first time in 2017 following rostering difficulties.

But it got through Christmas without any industrial action, having made progress with a number of unions that it expects to translate into agreements with its major unions by the end of March.

House Republicans mull length of spending bill as vote looms

WASHINGTON ( ) – Republicans in the U.S. House of Representatives were in discussions on Tuesday about how long to fund the federal government in a short-term spending measure expected to come to a vote as early as Wednesday.

“I feel like we’re going to have a majority… for passing the CR (spending measure) we have this week,” House Speaker Paul Ryan told reporters after a closed-door meeting with fellow House Republican members.

“We’re having a good conversation with our members about timing and date … and all the rest,” he added.

The conservative House Freedom Caucus, which has enough members to block legislation, has pressed Republican leaders to consider a spending measure that expires on Dec. 30, eight days later than the Dec. 22 deadline that House and Senate Republicans have been discussing up,上海夜玩网论坛Hadley, to now.

Ryan said the end date of the measure, known officially as a continuing resolution, or CR, would become known when it reaches the House floor.

But House Rules Committee Chairman Pete Sessions told reporters his panel would consider a continuing resolution that expires on Dec. 22. The committee later rescheduled its hearing on the legislation for 3 p.m. (2000 GMT) on Wednesday.

Several other House Republicans, however, said me,上海021夜网Gabriel,mbers were still debating whether the funding would expire on Dec. 22 or on Dec. 30, after the Dec. 25 Christmas holiday.

“It’s still being negotiated,” said Representative Greg Walden.

A Senate Republican leadership aide sidestepped a question on what Senate leaders thought about the CR date. “If the House makes any changes t上海夜生活o their bill, I’m sure they wi,上海仙霞路夜生活Kai,ll let everyone know,” the aide said.